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/raid1/www/Hosts/bankrupt/TCRLA_Public/151028.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, October 28, 2015, Vol. 16, No. 213 Headlines C A Y M A N I S L A N D S ALTA MANAGEMENT: Creditors' Proofs of Debt Due Nov. 2 AP MASTER: Creditors' Proofs of Debt Due Nov. 11 BUNGE INVESTMENT: Creditors' Proofs of Debt Due Nov. 12 BY INVESTMENT: Commences Liquidation Proceedings CIBC ISRAEL: Commences Liquidation Proceedings CHEYNE SOLUTIONS: Creditors' Proofs of Debt Due Nov. 2 CHEYNE STRUCTURED: Creditors' Proofs of Debt Due Nov. 2 CHEYNE STRUCTURED FUND: Creditors' Proofs of Debt Due Nov. 2 CP FUND: Creditors' Proofs of Debt Due Nov. 2 CQS EUROPEAN: Creditors' Proofs of Debt Due Oct. 30 LSV MASTERS: Commences Liquidation Proceedings LSV MASTERS ALPHA: Commences Liquidation Proceedings PRUPIM VIETNAM: Commences Liquidation Proceedings C H I L E AUTOMOTORES GILDEMEISTER: Poised to Benefit From Economic Recovery D O M I N I C A N R E P U B L I C DOMINICAN REP: Securities Market to Top US$25BB, Official Says J A M A I C A JAMAICA: Improves Again on "Doing Business" Index, Phillips Says T R I N I D A D & T O B A G O CARIBBEAN CEMENT: Huge Increase in Profit for Company L A T I N A M E R I C A * Sovereigns and NOCs Relationship Highlights Risk, says Moody's - - - - - ========================== C A Y M A N I S L A N D S ========================== ALTA MANAGEMENT: Creditors' Proofs of Debt Due Nov. 2 ----------------------------------------------------- The creditors of Alta Management (Cayman) Limited are required to file their proofs of debt by Nov. 2, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 23, 2015. The company's liquidator is: Angelos Kapsis c/o Peter De Vere Campbells, Willow House, Floor 4 Cricket Square, Elgin Avenue George Town, Grand Cayman Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 AP MASTER: Creditors' Proofs of Debt Due Nov. 11 ------------------------------------------------ The creditors of AP Master Fund SPC, Ltd. are required to file their proofs of debt by Nov. 11, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 31, 2015. The company's liquidator is: Russell Smith c/o Antoine Powell Telephone: (345) 815 4558 BDO CRI (Cayman) Ltd. Governors Square, Floor 2-Building 3 23 Lime Tree Bay Ave P.O. Box 31229 Grand Cayman KY1 1205 Cayman Islands BUNGE INVESTMENT: Creditors' Proofs of Debt Due Nov. 12 ------------------------------------------------------- The creditors of Bunge Investment Management (Cayman) Limited are required to file their proofs of debt by Nov. 12, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 24, 2015. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 943-3100 BY INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------ On Sept. 18, 2015, the sole shareholder of By Investment Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Hiroaki Tsunoda 30-16-211 Idasugiyama-cho Nakahara-ku Kawasaki City Kanagawa 211-0036 Japan Telephone: +813 5774 1623 CIBC ISRAEL: Commences Liquidation Proceedings ---------------------------------------------- On Sept. 25, 2015, the shareholder of CIBC Israel Management I, LDC resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: CIBC World Markets Corp. 425 Lexington Avenue, New York, NY 10017 USA Telephone: +1 (345) 914 6365 CHEYNE SOLUTIONS: Creditors' Proofs of Debt Due Nov. 2 ------------------------------------------------------ The creditors of Cheyne Solutions Limited are required to file their proofs of debt by Nov. 2, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 23, 2015. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands CHEYNE STRUCTURED: Creditors' Proofs of Debt Due Nov. 2 ------------------------------------------------------- The creditors of Cheyne Structured Solutions General Partner Limited are required to file their proofs of debt by Nov. 2, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 23, 2015. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands CHEYNE STRUCTURED FUND: Creditors' Proofs of Debt Due Nov. 2 ------------------------------------------------------------ The creditors of Cheyne Structured Solutions Fund Inc. are required to file their proofs of debt by Nov. 2, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 23, 2015. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands CP FUND: Creditors' Proofs of Debt Due Nov. 2 --------------------------------------------- The creditors of CP Fund Management (Cayman) Limited are required to file their proofs of debt by Nov. 2, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 23, 2015. The company's liquidator is: Angelos Kapsis c/o Peter De Vere Campbells Willow House, Floor 4 Cricket Square, Elgin Avenue George Town, Grand Cayman Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 CQS EUROPEAN: Creditors' Proofs of Debt Due Oct. 30 --------------------------------------------------- The creditors of CQS European Equity Long Short Master Fund Limited are required to file their proofs of debt by Oct. 30, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 25, 2015. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands LSV MASTERS: Commences Liquidation Proceedings ---------------------------------------------- On Sept. 24, 2015, the sole shareholder of LSV Masters International, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: LSV Advisors, LLC 540 Madison Avenue, 33rd Floor New York, New York 10022 United States of America Telephone: +1 (212) 378 3700 LSV MASTERS ALPHA: Commences Liquidation Proceedings ---------------------------------------------------- On Sept. 24, 2015, the sole shareholder of LSV Masters Alpha International, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: LSV Advisors, LLC 540 Madison Avenue, 33rd Floor New York, New York 10022 United States of America Telephone: +1 (212) 378 3700 PRUPIM VIETNAM: Commences Liquidation Proceedings ------------------------------------------------- On June 30, 2015, the sole shareholder of Prupim Vietnam Property Fund Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Jonathan Culshaw Telephone: +852 3195 7200 Facsimile: +852 3195 7210 3601 Two Exchange Square 8 Connaught Place Central Hong Kong ========= C H I L E ========= AUTOMOTORES GILDEMEISTER: Poised to Benefit From Economic Recovery ------------------------------------------------------------------ Bloomberg terminal (rousel/revise) Eduardo Thomson and Sebastian Boyd at Bloomberg News report that Automotores Gildemeister SA, a distressed car dealer in Chile, said it's poised to benefit from the nation's economic recovery. The problem? It could potentially run out of money to pay bondholders before that happens, according to Bloomberg News. The Santiago-based company has $75 million of debt payments coming due in the next three months, but it has just $38 million of cash, Bloomberg News notes. Gildemeister, whose Hyundai Motor Co. dealerships have been battered by the Chilean peso's plunge and the country's economic slowdown, is finding it increasingly difficult to convince investors it has the ability to stay current, says the report. Its $400 million of bonds due in 2021 are now trading for less than 40 cents on the dollar, Bloomberg News relates. That's pushed its yield to more than 30 percentage points above U.S. Treasuries, three times the threshold for securities considered Distressed, Bloomberg News discloses. "The cash balance is quite low," Ray, the chief investment officer at Zucaro, said from RVX Asset Management Miami, Bloomberg News notes. "We're staring down the barrel of the liquidity crisis." An external press relations officer said by e-mail that Gildemeister declined to comment for this story. Bloomberg News discloses that the dealer, which holds exclusive licenses to market Hyundai vehicles in Chile and Peru, said Oct. 15 that its net leverage ratio surged to a record 24 times in the second quarter as declining consumer confidence and weaker currencies sapped demand for its cars. The company's available cash has tumbled from $124 million a year ago, Bloomberg News relays. Chile's peso has dropped about 15 percent in the past year. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 22, 2015, Moody's Investors Service has downgraded Automotores Gildemeister's global scale corporate family rating to Caa1. At the same time, Moody's downgraded its senior unsecured notes due 2021 and 2023 to Caa1. The outlook for the ratings remains negative. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Securities Market to Top US$25BB, Official Says -------------------------------------------------------------- Dominican Today reports that Securities superintendent Gabriel Castro revealed that trades in the Dominican Republic's securities market are expected to surpass US$25 billion at year end, from the US$22 billion traded in 2014. Mr. Castro said the figures show that the country's productive sectors have absolute confidence in the market's transparency and correctness, according to Dominican Today. Interviewed on D'Agenca on Channel 11 Telesistema, the official said among the factors which have contributed to the sector's growth figures the "dematerialization of the transactions," which were previously negotiated with physical certificates, "such operations are now fully electronic," the report notes. Mr. Castro affirmed that dematerialization implies less risk and more dynamism, the report relays. "We understand that the end of this year we will be doing operations on the order of 25 billion dollars, because this is a market that continues an upward trend, so what we seek is to apply the main international practice so the public can feel totally confident," the report quoted Mr. Castro as saying. ============= J A M A I C A ============= JAMAICA: Improves Again on "Doing Business" Index, Phillips Says ---------------------------------------------------------------- RJR News reports that Jamaica has improved its global ranking in respect of the ease with which it facilitates business activities, according to the country's finance minister. Finance Minister Dr. Peter Phillips, speaking at a community meeting in St. Andrew, said the improvement will be revealed in the World Bank's 2016 Doing Business Report, according to RJR News. Acknowledging that the information was still embargoed, he nevertheless confirmed that "when the news comes out, Jamaica will be registered as continuing its improvement on the World Bank's Competitive Index," the report notes. The last Doing Business Report showed Jamaica ranked 58th in the world, the report relates. That was an improvement from 85 in the previous year, and came as Jamaica streamlined the requirements for starting a business, reduced the cost of getting electricity connection, and established new credit bureaus, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN CEMENT: Huge Increase in Profit for Company ----------------------------------------------------- RJR News reports that increased sales have contributed to a big rise in profit at Caribbean Cement for the nine months to September. The company has announced that improvements in key performance areas culminated with an after tax profit of J$1.4 billion, according to RJR News. The report notes that during the corresponding period last year, the company reported a J$24 million profit. Domestic sales volume for the third quarter exceeded the corresponding period in 2014 by 22 per cent, and for January to September was 9 per cent above the volumes last year, the report relates. Revenue for the third quarter grew by J$741 million, or 21 per cent over the equivalent period in 2014, mainly driven by improved domestic sales and increased clinker exports which compensated for the decline in cement exports, the report says. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 18, 2014, RJR News disclosed that the company said it racked up a loss of $89 million in the three months to the end of June, compared to a $359 million profit in the corresponding period a year ago. The report noted that Caribbean Cement said the loss was due to the shutdown of a clinker line to facilitate maintenance work. According to a TCRLA report on Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited suffered a consolidated loss of J$137 million for the first six months of 2013 down from J$1.2 billion during the corresponding period last year, according to RJR News. The report related that the loss resulted from J$701 million of non-cash foreign exchange losses compared to J$136 million in 2012. ========================= L A T I N A M E R I C A ========================= * Sovereigns and NOCs Relationship Highlights Risk, says Moody's ----------------------------------------------------------------- A multi-faceted relationship between national oil companies (NOCs) and sovereigns presents both risks and credit strengths. NOCs with high debt levels and diminished financial capacity present the greatest contingent liability risks for sovereigns, Moody's Investors Service says. Meanwhile, the impact of sovereign support and influence on NOC ratings varies. In "Sovereigns & National Oil Companies - Relationship is a Source of Credit Strength and Risk for Both," Moody's looks at the multiple aspects of the economic, financial and policy links between NOCs and Sovereigns. The report also focuses on six NOCs, two in the Commonwealth of Independent States (CIS) and four in Latin America, where the NOCs' financial metrics suggest that they pose the highest risk to their sovereigns. The report is an update to the markets and does not constitute a rating action. "Three main factors can jeopardize a NOC's ability to service its debt and lead to the crystallization of contingent liabilities for the sovereign: oil price shocks, more gradual but persistent losses or corporate governance risks," Moody's Vice President -- Senior Analyst Jaime Reusche says. "NOCs that pose the highest risk have a combination of relatively lower financial robustness and relatively high debt levels." Among the Latin American countries where NOCs present the highest risk are Brazil's (Baa3 stable), with NOC Petrobras (Ba2 CFR/b2 BCA stable) and Mexico's (A3 stable), with PEMEX (A3/Aaa-mx issuer rating RUR / ba1 BCA), Petrotrin (Ba1 CFR / b1 BCA negative) of Trinidad & Tobago (Baa2 negative) and PDVSA (Caa3 FC Bond Rating/caa1 BCA stable) in Venezuela (Caa3 stable). Both Petrobras and PEMEX are the integrated energy companies whose ratings reflect a high level of implicit support from their respective sovereigns. The Brazilian government has expressed a willingness to backstop Petrobras, and while PEMEX's monopoly position and relevancy to government finances has weakened, lower oil prices have been enough of a drag to prompt economic support from Mexico. PEMEX's rating is currently on review for downgrade. In February, Petrobras was downgraded to Ba2 from Baa1. Moody's also assumes a high level of governmental support for PDVSA (Caa3 FC Bond Rating/caa1 BCA stable), Venezuela's (Caa3 stable) NOC, given high interventionism, poor corporate governance and the importance of PDVSA to the government's finances. "In LatAm, of the eight NOCs that we rate, the largest increase in debt relative to the size of the economy over the last five years has been in Venezuela's PDVSA. This particular NOC faces greater sovereign risks than all of its rated peers and has the lowest rating," Reusche says. KazMunayGas JSC (KMG, Baa3 issuer rating / ba3 BCA stable) is owned by Kazakhstan's government via a fund mandated by the state to protect its interest in the oil and gas sector. KMG contributed 11% of total government revenues in 2014 and depends on governmental support for energy exports. Such support, combined with strong corporate governance mitigate the risks implied by lower oil prices. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *